New Delhi: Gold prices fell by 0.44 percent to Rs 28,524 per 10 gm in futures trade on Wednesday, as speculators engaged in trimming their positions, taking weak cues from overseas markets.
Also, a weakening trend on the spot markets following slackened demand due to end of marriage season had a negative impact on gold futures here.
At the Multi Commodity Exchange, gold for delivery in June declined by Rs 127, or 0.44 percent, to Rs 28,524 per 10 gm in a business turnover of 1,392 lots.
Similarly, the metal for delivery in August moved down by Rs 122, or 0.43 percent, to Rs 28,933 per 10 gm in 96 lots.
Marketmen said the fall in gold prices at futures trade was mostly attributed to a weakening trend overseas.
Meanwhile, gold in Singapore, fell one percent to trade at USD 1,589.48 an ounce, the lowest price since January 3.
First Published: Wednesday, May 9, 2012, 11:34